A train wreck is the best way to describe the markets today. The Asian trading session has not been pretty and we have had to go beyond the top 25 to find an altcoin that is in the green. There is one and it is relatively unknown but it is up by 51% when many in the top ten have fallen by over 30%.
According to Coinmarketcap DigixDAO is the only coin showing gains in the entire top 100 cryptocurrencies by market cap. DGD is an obscure altcoin with a market capacity of just $685 million. It is currently trading at $357, up from $231 this time yesterday. Over the past seven days this altcoin has jumped over 50%.
Digix tokenizes gold on Ethereum. It offers the ability to own, save and transact gold in tokenized form, keeping secure private ownership of your digital assets. This provides what the company terms as a stable store of value. There is nothing stable whatsoever about the markets today which could be boosting the performance of the token.
News of a partnership between Ethereum stalwarts MakerDAO and Digix to deliver the ‘ultimate stablecoin’ to the blockchain ecosystem has made the difference. Maker is a decentralized autonomous organisation (DAO) on the Ethereum blockchain which aims to minimize the price volatility of its own stable token, the Dai, against USD. The Maker team plans to launch a Multi Collateral Dai with a three billion debt ceiling for DGX, Digix gold tokens.
It seems like investors are flocking back to something stable when all other cryptos are hemorrhaging. DGD is traded heavily on Binance which has over 75% of the total volume. Over $62 million has been traded in the past 24 hours and this is the only crypto asset out of the top 100 that is increasing in price at the moment.
More on Digix can be found here: https://digix.global/
FOMO Moments is a new section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.